North Thetford, Vermont Property Taxes
The median property tax rate in North Thetford, VT is 2.02%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in North Thetford, the typical annual property tax bill reaches $3,591, exceeding the national median of $2,690. Property taxes in North Thetford are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North Thetford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of North Thetford or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Thetford, Vermont Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,220
Ownwell’s North Thetford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Thetford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Thetford to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Orange County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across North Thetford, Vermont
Property taxes in North Thetford, Vermont, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in North Thetford is 1.86%, significantly higher than the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within North Thetford set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Thetford estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares North Thetford's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05054 zip code has the highest median property tax rate of 1.86%, while the same 05054 zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with North Thetford provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Thetford Tax Rate
2.02%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Thetford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05054 | 1.55% | 1.73% | 2.02% | 2.33% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across North Thetford, Vermont
In North Thetford, Vermont, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Orange County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In North Thetford, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in North Thetford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in North Thetford are both $3,591 in the 05054 zip code.
Property Tax Assessment Values Across North Thetford, Vermont
Source: Ownwell
$109,700
$325,650
$541,600
Average North Thetford Assessed Value
$208,050
Average Orange County Assessed Value
$178,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Thetford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05054 | $150,802 | $172,270 | $208,050 | $214,180 | $217,858 |
Source: Ownwell
Property Tax Bills Across North Thetford, Vermont
In North Thetford, Orange County, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the tax bill. The median home price in North Thetford is $208,050, and the property tax rate in the area reflects a higher than average burden compared to the national median property tax rate of 0.99%. Homeowners in this region can expect significant variations in their tax bills. For instance, tax bills in the 25th percentile are around $3,378, while those in the 75th percentile reach up to $3,898. The 90th percentile sees tax bills as high as $4,082. These figures indicate that North Thetford’s property tax bills are relatively high, with the highest and lowest median tax bills both recorded at $3,591 in the 05054 zip code. This substantial tax burden can impact homeowners' finances, influencing decisions on property investments and long-term residency.
Average North Thetford Tax Bill
$3,591
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across North Thetford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05054 | $3,250 | $3,378 | $3,591 | $3,898 | $4,082 |
Source: Ownwell